What drives crude oil prices?
- Crude oil prices react to a variety of geopolitical and economic events
- World oil prices move together due to arbitrage
- Crude oil prices are the primary driver of petroleum product prices
- Economic growth has a strong impact on oil consumption
- Changes in expectations of economic growth can affect oil prices
- In OECD countries, price increases have coincided with lower consumption
- Changes in non-OPEC production can affect oil prices
- Non-OPEC supply expectations indicate changes in market sentiment concerning oil supply
- Changes in Saudi Arabia crude oil production can affect oil prices
- Unplanned supply disruptions tighten world oil markets and push prices higher
- Inventory builds go hand-in-hand with increases in future oil prices relative to current prices (and vice versa)
Crude oil prices react to a variety of geopolitical and economic events
World oil prices move together due to arbitrage
Crude oil prices are the primary driver of petroleum product prices
Economic growth has a strong impact on oil consumption
Changes in expectations of economic growth can affect oil prices
In OECD countries, price increases have coincided with lower consumption
Changes in non-OPEC production can affect oil prices
Non-OPEC supply expectations indicate changes in market sentiment concerning oil supply
Changes in Saudi Arabia crude oil production can affect oil prices
Unplanned supply disruptions tighten world oil markets and push prices higher
Inventory builds go hand-in-hand with increases in future oil prices relative to current prices (and vice versa)